An action-packed economic calendar is in place this week as forex traders prepare to navigate a series of major releases from the US, the UK and elsewhere.
There will be four speakers from the Federal Reserve making statements today.
This spike in activity is to be expected ahead of the central bank’s crucial meeting at the end of July. It was believed until recently that a rate cut of 50 basis points could be on the cards at this meeting, although that’s now unclear.
Jerome Powell, the organisation’s chair, will speak at 12.45pm. James Bullard, the President of the Federal Reserve Bank of St. Louis, is now scheduled to speak at 2.10pm GMT. Two other speeches from junior American central bankers will come at 6pm GMT.
Elsewhere around the world, Tuesday there will be a food price index from New Zealand which is due out at 10.45pm GMT. This is expected to show a month on month change from 0.7% to -0.3% and will cover the month of June.
Looking ahead to Wednesday, the big centres of focus will be the UK and Canada.
There are lots of data releases to look out for from Britain, all of which are set to arrive at 8.30am GMT. These will include a manufacturing production figure for the month of May. Year on year, this is predicted to show a shift from -0.8% to +1%.
Industrial production figures for May will be out at 8.30am GMT too and are due to show a year on year change from -1% to +1.1%.
Overall trade balance data for the same month will be released as well. This was last recorded at £-2.74 billion.
Canada will receive the bulk of the attention at 2pm GMT when its central bank, the Bank of Canada, announces its interest rate. This rate is expected to be kept steady at 1.75%.
US central banking action is never far from the agenda, however, and while Canada is announcing its latest monetary policy position, over the border in the US there will be a testimony from Jerome Powell in front of the United States Congress.
Later in the day, there will be a set of minutes from the most recent meeting of the Federal Open Market Committee released. These important notes will be sent out at 6pm GMT.
On Thursday, Australian home loans figures will be one of the events starting the day. These are due out at 1.30am GMT and are expected to show a shift from -1.2% to -0.3%.
The German harmonised index of consumer prices for the month of June will be out at 6am GMT. This is expected to show no change from its prior position of 1.3%.
The normal round of jobless claims from the US this week are expected to show just small changes, especially in the continuing claims for the dates around June 28th. That metric is expected to show a tiny downward shift from 1,686,000 to 1,685,000. With current heightened sensitivity to US economic data ahead of any potential rate cut, this is likely to be watched closely and exactly.